The crypto markets have recorded the Binance agreement as one of the factors contributing to Bitcoin‘s rise above the $40,000 level. Investors interpreted this development as a positive step, increasing their risk appetite. With optimism for the year 2024, the $44,000 level was breached. Now, a new development related to the case has been announced.
The agreement between Binance, its CEO CZ, and the Justice Department aimed to dismiss the charges brought by the CFTC and the U.S. Justice Department. In this context, the plan was to prevent the initiation of a crippling lawsuit that could end the exchange’s operations by having the company pay a $4.36 billion fine. U.S. officials took this step to prevent potential harm to investors and to demand the resignation of CZ.
CZ had to stay in the U.S. until the trial in February but can now breathe a sigh of relief. According to the latest report from Reuters, a U.S. District Judge has given approval. As a result, the defense agreements between Binance, former CEO CZ, and the Justice Department have been accepted.
The price of Bitcoin did not show a significant increase following the news, but this positive development is expected to support the markets. At the time of writing, BTC was trading at $43,810. CZ continues to await the decision from the penalty hearing in February.
The agreement between Binance and the U.S. Justice Department is seen as a significant turning point in the crypto markets and is expected to have effects not only on Bitcoin but also on other cryptocurrencies.